Lenders compete for medical professionals: eligible doctors borrow up to 90 to 95 per cent with lenders mortgage insurance waived, and complex medical income is read properly. Charles checks which lender’s list you are on.
Yes. With many lenders, registered medical practitioners can borrow up to 90 per cent, often 95, with lenders mortgage insurance waived, which on a $1,000,000 purchase with a 10 per cent deposit saves a premium of roughly $15,000 to $25,000.
Salary, on-call, overtime and private practice income are often counted more fully, with AHPRA registration as the evidence. Eligible professions, ratios and loan caps differ between lenders and change, so eligibility is confirmed against the current list.
Part of the no LMI home loans for professionals guide.
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What moves the number
Choose any that apply. Each shows roughly how much it changes the figure, the way a lender’s assessment would.
is an indicative borrowing figure at today’s typical rates. Lenders typically count around 80% of rental income, which is why an investment purchase can lift your number, your real figure comes from a proper assessment.
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What the medical professional policy changes, compared with a standard application.
| Maximum loan without LMI | 80 per cent of the value. Commonly 90 to 95 per cent with many lenders. |
|---|---|
| LMI on a $1,000,000 purchase with 10 per cent deposit | Often $15,000 to $25,000. Waived where the policy applies. |
| Income used | Salary, with overtime and allowances discounted. Salary plus on-call, overtime and private practice income, often counted more fully. |
| Evidence | Payslips and tax returns. Payslips, plus AHPRA registration and sometimes a college or association membership. |
| Loan size caps | Lender-specific. Higher caps for the waiver with some lenders, often $2,000,000 or more. |
| Who qualifies | Not applicable. Lists differ: GPs, specialists, registrars and some allied health; interns and students vary by lender. |
Eligible occupations, maximum loan-to-value ratios and loan caps differ between lenders and change over time. Confirmed against current policy in an assessment.
Charles Touma, Mortgage Broker.
Policies commonly cover registered medical practitioners: GPs, hospital doctors, registrars, specialists and surgeons, and often dentists. Interns and students vary by lender, and some lenders extend the waiver into allied health; the healthcare professionals guide covers those.
Eligibility is confirmed against the lender’s current list rather than assumed.
More fully than a standard application, with the right lender. Salary plus on-call, overtime and private practice income, including billings through rooms or an entity, can be counted where a standard applicant’s overtime is discounted.
Evidence is payslips and tax returns plus AHPRA registration, and sometimes a college or association membership.
Often. Loan caps for the waiver are lender-specific and commonly $2,000,000 or more with some lenders, and several apply the waiver to investment purchases at 90 per cent while others limit it to owner-occupied homes. Pricing is negotiated for the profession on top.
Products, thresholds and eligible professions vary and change, so nothing here is a promise of a particular deal.
Often, but it is rarely advertised. Several lenders that run medical policies also give eligible doctors larger discounts off their standard variable rate, set when the application is assessed, so it has to be asked for.
The waiver and the rate are separate decisions: the lender with the best waiver for your stage of training is not always the sharpest on rate. Comparing both, with fees and the offset account, is where most of the saving sits.
Yes, with participating lenders and within their rules: commonly up to 90 per cent of the value, with some lenders to 95, for registered practitioners who meet the income and registration conditions. On a Sydney purchase that waiver is often worth tens of thousands of dollars.
With many lenders, yes. Registrars and residents on hospital contracts are commonly inside the policy once registered, and fixed-term training contracts are accepted by lenders used to medical careers. Interns and students vary by lender, so the current list is checked first.
Through the tax returns and financial statements of the practice or entity, with the lender reading billings, rooms costs and distributions. Medical policies often count this income more fully than a standard self-employed assessment, and some lenders accept a shorter trading history for doctors.
With several lenders, yes, at 90 per cent, while others limit the waiver to the home you live in or reduce the maximum ratio for investment purchases. Property type and location can also matter. The policy is matched to the purchase before the application goes in.
No. Most lenders apply the waiver when one applicant holds the eligible profession and registration, assessing the household’s combined income in the usual way. Some lenders set a minimum share of income from the professional, so the file is checked against that rule.
Salary, billings, rooms and entities are assessed differently between lenders. Charles can compare your position before an application is lodged.
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General information only, not credit or financial advice. Professional lending policies, eligible occupations and LVR thresholds vary by lender and change over time; all lending is subject to individual assessment and approval.
